Elmira Savings Bank Announces Approval to Relocate Branch

ELMIRA, NY--(Marketwired - Feb 3, 2016) - Elmira Savings Bank (NASDAQ: ESBK) announced that it has obtained regulatory approval to relocate its branch located at 301 East State Street, Ithaca, New York, to 602 West State Street, a property it acquired on December 4, 2015.

"Due to economic development activities at 301 East State Street, we were obligated to find another location convenient for our downtown customers. We feel fortunate to have found a location at the corner of North Meadow Street and West State Street and are looking forward to renovating the existing commercial building, most recently a restaurant, into a full-service branch," said Thomas M. Carr, President and Chief Executive Officer.

Elmira Savings Bank has been conducting business in Ithaca for over fifteen years and eight years ago, purchased three full-service branches from First Niagara Bank, which included the office located at 301 East State Street. The Bank is the third leading provider of residential mortgages in Tompkins County. Since 2010, the Bank has originated more than $169 million in residential mortgages in the county, including over $44 million for low and moderate income housing needs.

Along with the aforementioned lot located at 602 West State Street, the Bank also acquired several other parcels extending along North Meadow Street to Seneca Street from the same seller. The Bank has no immediate plans for those parcels and in the future will look to work with the city and local developers to determine their best use.

Elmira Savings Bank, with $561.3 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with six offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; a loan center in Cortland County, NY; and a loan center in Broome County, NY.

Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank's regulatory reports.